MagneGas Completes Acquisition of San Diego Industrial Gas and Welding Supply Business
MAGNEGAS (MNGA)
Last magnegas earnings: 11/14 08:00 am
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Source: Marketwire
TAMPA, FL -- (Marketwired) -- 01/23/18 -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced today that it has completed the acquisition of all of the assets of San Diego based NG Enterprises, Inc. for $745,000. The Company had previously entered into a binding agreement and made a $300,000 deposit at the end of December, with an expectation to complete the transaction in January 2018. The acquisition adds approximately $700,000 in high-margin industrial gas and welding supply revenues, as well as substantial assets to support sales growth. From a personnel perspective, the acquisition adds four highly experienced industry experts, and access to an extensive list of clients in the shipping, military, logistics, industrial and other industries, which represent prospective clients for MagneGas2® cross sales. "This is a very positive
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